(1) There is hereby created in the state treasury the “Idaho Millennium Permanent Endowment Fund.” The fund shall consist of eighty percent (80%) of the moneys received by the state of Idaho on and after January 1, 2007, pursuant to the master settlement agreement entered into between tobacco product manufacturers and the state of Idaho, and such moneys as may be provided by legislative appropriations or otherwise directed to the fund by the legislature, including other moneys or assets that the fund receives by bequest or donation.
(2) The moneys received annually for deposit to the fund, including earnings, shall forever remain inviolate and intact. No portion of the fund shall ever be transferred to any other fund, or used, or appropriated, except as allowed by the provisions of section 18, article VII of the constitution of the state of Idaho and as directed by the provisions of section 67-1802, Idaho Code.
(3) Fund assets shall be invested by the state treasurer according to the standards of the Idaho uniform prudent investor act, chapter 5, title 68, Idaho Code, and the state treasurer is hereby granted authority to invest the assets of the fund in any investment instruments authorized by the standards of the Idaho uniform prudent investor act.